NEW YORK - An estimated $88.6 billion is illegally moved out of African countries each year, the United Nations Conference on Trade and Development (UNCTAD) said in a 2020 report that cited tax evasion, mis-invoicing and criminal activities as leading culprits.

The U.N. report’s loss estimate aligns with a finding in “On the Trail of Capital Flight From Africa,” a book published early this year that examines large-scale illicit outflows from Angola, Ivory Coast and South Africa.

Just those three countries combined have lost an average of $60 billion a year for five decades, the book’s research team calculated.